The EUR/USD just ripped straight higher for over 400 pips on non-news related buying. Still, any upside is corrective in nature unless 1.3414 is conquered say technicians. EUR/USD will likely be trading off of US data Thursday Despite the rip higher that just occurred on the intraday chart, the macro picture appears to be setting up for much more downside once this upside correction runs its course. The European markets are closed for the most part Thursday in honor of Ascension Day.https://support.fxcc.com/email/technical/15082013/

Upwards scenario: Neutral channel formation remains in play on the hourly chart. Our next resistance level is placed above the local peak at 1.3310 (R1). Strengthening above it would point to resistive structure at 1.3341 (R2) onto 1.3367 (R3). Downwards scenario: On the other hand, price pattern suggests bearish potential if the instrument manages to overcome next support level at 1.3241 (S1). Possible price regress could expose our initial targets at 1.3223 (S2) and 1.3202 (S3) in potential.

Upwards scenario: Measures of resistance might be activating when the pair approaches the 1.5538 (R1) mark. Break here would suggest next interim target at 1.5566 (R2) and If the price keeps its momentum we expect an exposure of 1.5601 (R3). Downwards scenario: Possible pull back development is limited now to the key supportive barrier at 1.5496 (S1). Only loss here would be considered as a beginning of a retracement expansion. Our intraday targets locates at 1.5467 (S2) and 1.5436 (S3).

Upwards scenario: Upside formation is limited now to the next resistive barrier at 98.25 (R1). Clearance here is required to provide a space for a move towards to next target at 98.56 (R2) and then final aim would be 98.77 (R3). Downwards scenario: We would shift our short-term technical outlook to the negative if the price manage to penetrate below the key support at 97.60 (S1). Loss here would suggest next initial targets at 97.30 (S2) and 97.02 (S3).